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Flooding market with foreign currency in response to “artificial shortage” could invite Dutch Disease – VP Jagdeo

OilNOW -
The Georgetown Chamber of Commerce and Industry (GCCI), a key advocate for the business community in Guyana, has complained in recent weeks of foreign currency shortage. This, it said makes conducting trade costlier. But Guyana’s Central Bank as well...
News

Exxon’s Kaieteur, Canje blocks will comply with new PSA terms – VP Jagdeo

OilNOW -
As he maintained there will be no renegotiation of the Stabroek Block Production Sharing Agreement (PSA), Guyana’s Vice President, Dr. Bharrat Jagdeo has confirmed that nine other offshore blocks will be subjected to new terms which include a 10%...
News

“Great confidence” in Block 58’s Sapakara reservoir as resource estimate jumps to 600+ million – APA Corp.

Shikema Dey -
Despite the uncertainty surrounding a final investment decision (FID) for Suriname’s Block 58, the President and Chief Executive Officer (CEO) of partner APA Corporation, John Christmann expressed confidence in the Sapakara prospect. In fact, Christmann told investors that it would...
News

VEHSI owners in talks to expand artificial island for potential new clients

OilNOW -
Director of the Vreed-en-Hoop Shore Base Inc. (VEHSI), Nicholas Deygoo-Boyer said the company is in talks with potential new clients to expand the acreage of the new artificial island in the Demerara River. “ got clients who are interested in...
News

Guyana, India MoU to pave way for crude sale agreement, exploration

OilNOW -
Guyana and India are on the brink of inking a trailblazing Memorandum of Understanding (MoU) on the energy sector. The document which is currently being reviewed by India’s Cabinet could allow for the purchase of Stabroek Block crude, capacity...
News

Stabroek Block partners spending GY$3.7 billion on new Berbice multi-purpose stadium

Kemol King -
Construction on a new multi-purpose facility kicked off Friday at Palmyra, Berbice with a GY$3.7 billion (approximately US$17.7 million) contribution from the Greater Guyana Initiative (GGI), funded by the Stabroek Block partners. The facility is being built by Caribbean Green...
News

GCCI not clear on how foreign currency availability is determined – Bank of Guyana

OilNOW -
In response to a stern show of disappointment from the Georgetown Chamber of Commerce and Industry (GCCI) on its handling of a supposed shortage of US currency in the country, the Bank of Guyana (BoG) noted that the business...
Exploration

CGX encounters hydrocarbons in shallow zones of Wei-1 well, deeper horizons up next

Shikema Dey -
The first round of drilling at CGX Energy’s Wei-1 prospect in the Corentyne Block has yielded positive results. Drilling commenced at Wei-1 late January with the Noble Discoverer. In an update on March 2, CGX reported that the first prospective geologic...
News

Relinquished portion of Stabroek Block for gov’t-to-gov’t partnerships – VP

OilNOW -
Guyana’s Vice President, Dr. Bharrat Jagdeo says ExxonMobil Guyana is set to relinquish a portion of the 6.6 million acres Stabroek Block and this will be used to facilitate the government’s planned direct partnerships. “Next year, ExxonMobil will have to...
News

Exxon launches probe after crane topples at construction site for new Guyana HQ

OilNOW -
ExxonMobil Guyana said a crane toppled at around 10 a.m. Thursday while lifting a container, at the Ogle site where the company’s new Guyana office centre is being built. No one was injured in the incident, nor was there any...
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Energy InsightsChevy Devonish -

The Oil Pollution Prevention, Preparedness Response and Responsibility Act: Liability 

In my last piece, I gave an overview of Guyana’s new Oil Pollution Prevention, Preparedness Response and Responsibility Act...

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